Effective for all loans we receive on or after June 15, 2011, we will require the broker to order IRS transcripts through REALEC (www.realec.com). We have partnered with LSI Verification Bureau and Settlement One to provide two vendor choices for obtaining the actual transcript.
The benefits of this new procedure are:
- REMN will continue to pay for the transcripts; there is no cost to the broker.
- The broker controls when the transcripts are ordered (prior to file submission, or after the approval is issued).
- The broker will know quickly if the IRS rejects the request and can correct the issue and re-order.
- The broker will get real time status emails directly from REALEC.
All of our approvals will continue to include a condition for transcripts; however, now the broker is responsible for obtaining them. After placing the order, the results are sent to us directly from REALEC.
For all government loans (FHA/VA/USDA), we will require the two most recent years and for Conventional loans we will require the number of years specified by the DU findings.
Your Account Executive will be contacting you in the coming days to supply you with you login credentials for the REALEC Site and to answer any questions you may have. Here are the instructions for using the REALEC and LSI sites.
If you have any questions, please contact your AE.